Especially in these uncertain times, it’s important for companies to keep their teams aligned with their vision and brand mission. If your business is thriving and in need of an extra set of helping hands, it’ll be tempting to focus your talent acquisition process on the vast candidate pool outside the company. Don’t be so quick to overlook allstars within your own team. There’s a chance your business will miss out on standout candidates from within if you limit your talent search outside of the organization.
A 30-year study found external hires not only cost more but also perform more poorly and have a shorter tenure than their colleagues who are promoted from within. In addition, promoting from within has shown to improve employee retention, work ethic, and even workplace culture.
Take a look at some initiatives your business can implement to help retain existing talent and ensure they’re in it for the long haul.
Upskilling is one of the many ways you can invest in your employees’ professional development. Online learning platforms are common tools for upskilling such as LinkedIn Learning, Udemy, and iSolved Learn that allow your employees to progress and develop their skills at their own pace.
Simply put, your employees need to know they are valued and matter to your organization. Investing in professional development is a great way to show your employees they are integral to your company. As a plus, due to the current health situation, many of these online education platforms are offering discounted or free courses so your team can stay engaged and productive while homebound.
Health and wellness
Today, employee wellness programs are becoming more prevalent in the workplace and essential to building company culture. In fact, 75% of employers offer a wellness program, resource or service to employees. A robust company health and wellness program could include access to on-site fitness facilities, company-wide holiday fitness challenges, discounts at local healthy eateries and wellness stores, access to mental health services, and more! Wellness programs are becoming beneficial fixtures for companies because they help combat employee turnover, thus resulting in higher retention.
While your employees are working from home, continue to implement your wellness program by directing them to mental health resources, free online workouts and fitness classes, discounts on meal subscription service options, or even stressing the importance of taking personal time for practicing self-care.
The U.S. Bureau of Labor Statistics reports that more than 20 million Americans voluntarily work part-time jobs and even prefer part-time work over full-time employment because work-life balance is a top priority for them. Every individual has their own reasons for needing a flexible work schedule – they may have family obligations to consider, some have other passions or side hustles they wish to pursue while others simply aren’t interested in committing to one particular job or career in a full-time capacity.
In addition, a recent report has shown that employees who report higher levels of stress at work are more than three times higher if they are working inflexible hours. Furthermore, 59% of people with set work schedules want to leave their jobs, compared to only 22% of those with schedule flexibility.
As your company continues to navigate this current climate, be sure to remain empathetic and flexible with your employees. Some of your team are not only playing the role of employee but also parent, teacher, shopper, and primary caregiver for their family.
Take the next step
You’ve attracted top-tier talent for your company, now you need a premium human capital management software to help manage and retain them.
We help our clients partner with iSolved, a state-of-the-art human capital management solution that combines your payroll and human resources data, providing you with a fully integrated tool for managing your family of employees — no matter how much it expands.
With this cutting-edge, cloud-based technology, your HR team can seamlessly manage everything from new hire paperwork to payroll processing, on-the-job learning and beyond. This single source platform gives decision makers and HR leads the ability to access and control all human capital management operations from anywhere at any time — all in a completely secure environment.
Have questions? We’re here to help. Reach out to Chris Kelly to learn more about how we’re helping our clients adapt to a digital workspace through innovative HR management tools like our iSolved partnership.